This document explains the different types of appraisals as defined by the business valuation standards of the American Society of Appraisers. It also includes a work list and a transmittal letter to accompany the work list.
Alabama The Valuation Expert
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FAQ
Under Alabama State Tax Law, only one Homestead Exemption is granted regardless of how much property is owned in the state. This exemption does not require annual renewal however, the exemption is non-transferrable. New owner application is required.
Each year the Alabama Department of Revenue provides vehicle values to all licensing officials for use in calculating the ad valorem tax on vehicles. Ad valorem taxes are a product of the assessed value of the vehicle and the ad valorem tax rate in the location where you live or do business.
The actual assessed value of your vehicle appears on your tag and tax receipt and is estimated on your renewal mail notice. Privately owned (titled owner) passenger automobiles and pickup trucks are assessed at 15% of market value. All other vehicles are assessed at 20% of market value.
If you are over 65 years of age, or permanent and totally disabled (regardless of age), or blind (regardless of age), you are exempt from the state portion of property tax. County taxes may still be due. Please contact your local taxing official to claim your homestead exemption.
A: In Alabama, the tax year is Oct. 1 ? Sept. 30 and we pay property taxes a year in ARREARS. Alabama Law provides that the tax bill due Oct.
Ad Valorem taxes are calculated based on the vehicle's assessed value. This is determined by multiplying the market value times the corresponding Property Classification. The assessed value is then multiplied by the Millage rate.
For example: $100,000 (Appraised Value) X (Residential Rate: 10%) = $10,000 (Assessed Value) $10,000 (Assessed Value) X . 0325 (County Millage Rate of 32.5 mills) = $325 (Tax Amount)
Assessed Value fixed by Alabama Constitution Amendment 373 of the Constitution provides that all real and taxable personal property will be assessed at 20% of its fair market value. The combined state and local millage rate would then be applied to the assessed value.
